May 29, 2015

    Weak GDP Numbers Confirm Contraction is USA and Canada

    By / May 29, 2015

    A big day of news out of both Canada and the US today has seen some continued CAD weakness. Canada’s GDP was a miss being reported an abysmal -0.2% pointing to economic contraction and towards the direction of a recession. Expectations were low coming into the announcement, but was still reported lower than expected. The BoC has largely moved past the oil price shock and now looks to US growth outlook for any near term… Read more

    USD Strong into News Filled Morning

    By / May 28, 2015

    Mixed news out of Canada this morning has seen some early USD strength partially retraced. Current Account came in a beat at -17.5B vs. the forecast -18.6B along with RMPI numbers coming is better than expectation at 3.8% against 1.7% expected. IPPI numbers were the only negative blip in a mostly positive morning being reported at -0.9% vs. -0.1% forecast. We now wait for tomorrow’s GDP numbers as the next big data release out of… Read more

    Loonie Soft as BoC Keeps Interest Rate Steady

    By / May 27, 2015

    CAD is soft this morning reaching new lows prior to the BoC interest rate statement. The Bank of Canada has kept the benchmark interest rate constant at 0.75% stating that the economy is moving along as it should. They have also said that there is an underlying inflation trend of 1.6%-1.8%. CAD remains at risk of a broadly strong USD as well as crude prices, with recent renewed standing given to the US side amid… Read more

    USD Rallies on Steady Fed Comments and Euro Area Risk

    By / May 26, 2015

    Again no news out of Canada but CAD weak into the open on soft oil prices as well as a broadly stronger USD. CAD is down over 0.5% this morning and now trading at levels we haven’t seen since mid-April. With no news releases short-term CAD risk centers on improving US data releases as well as the continuing slide of crude prices. Forest fires in Alberta have taken 200K barrels per day offline, but little… Read more

    Markets Quiet Amid U.S. and U.K. Holidays

    By / May 25, 2015

    No news out of Canada today with markets very quiet given the US bank holiday. CAD is down slightly this morning but still trading within its recent range. A big week for news out of Canada in upcoming with the BOC rate statement coming on Wednesday and GDP numbers released Friday. USD is unchanged amid the bank holiday and very light trading forecast. Important numbers this week out of the US as well with Unemployment… Read more

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